Weekly Scorecard 7-12-10
The story this week is two fold. Inventories keep gradually rising. However the big story is that ratio of closed saled to pending sales has equalized. If you were checking weeks prior you will remember while the closed sales number were pretty good the pending sale numbers were pretty low. The expiration of the tax credit seem to be the reason with a rush to get a home under contract prior to the April 30th expiration date. While in many price ranges on the Eastside the tax credit was not applicable to many buyers the market did seem to go somewhat in sympathy to it. Well this week the sale numbers were pretty good and the pending sale numbers were almost up there with the actual closed sales. We should be getting beyond the time period the tax credit has influenced the market and will get to see what the real underlying demand is in the next few weeks.
The spreadsheet is here: Weekly scorecard 7-12-10